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Are you smart enough to learn from your elders?

Are you smart enough to learn from your elders?

None of my beautiful children have yet hit the teenage years, but I still remember being a teenager myself. It’s an awkward phase of life where you think you know about the world and it’s only when you’re older that you realise how little you knew at the time.

Many grown adults are in a not too dissimilar situation to a teenager when it comes to money… they think they have it all worked out, but that overconfidence may be misplaced. And it may very well come back to bite them.

I only have a moment of your time, so I won’t beat around the bush. You and I, as much as possible, want to live without regrets. I’d like to think it goes without saying. So, when it comes to money, let’s take notice of the regrets of those who’ve come before us and learn from what they’ve learnt.

The biggest regret of retirees is that they didn’t save more while they were working!

There you have it. Retirement is something people spend decades working to get to. It’s something most would dream of as being a time in which we enjoy our hobbies, enjoy lunches with friends, take nice holidays away, spoil the grand-kids and enjoy life.

Yet one third of Australian retirees live in poverty and 80% are reliant on the age pension to some degree.

It doesn’t have to be this way. The biggest issue is that many people don’t know how to plan for the long term. We’re not really designed to plan for the long term… this whole idea of living a very long life is a relatively new thing and it is current retirees who have learned that lesson the hardest. So, take heed of their wisdom and if you don’t know how to plan, save and invest for the long term, get some help (ideally from an independent source).

If there’s one comment I’ve heard more than any other in the dozen years I’ve been a financial adviser it’s this: “I wish I’d come to see you 10 years ago”. I hope that when you come to see me that you might instead be saying, “I wish I’d come to see you 5 years ago” or “I wish I’d come to see you a couple of years ago”. Because the sooner you start taking action the better your results will be.

One of the keys to human success has been the ability to hand down wisdom and knowledge from one generation to the next. Let’s make sure we take notice of what our elders are telling us and reduce the level of regret together!

Cheers,

Daniel


If you’d like to find out more about how INDEPENDENT financial advice could help you manage cash flow, pay off the mortgage faster, get the most out of super and invest wisely, then get in touch on 0411 484 464 or head to wealthtrain.com.au.

Daniel McGregor is the man behind Wealth Train and is a member of the Independent Financial Advisers Association of Australia. This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided are general advice only.

Daniel McGregor and Wealth Train are authorised representatives of Independent Financial Advisers Australia AFSL 464629

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